Business Forms Ltd.

Business Forms Ltd. (BUSINESSFORMS) - Director Report

Company director report

1995
BUSINESS FORMS LIMITED
DIRECTOR'S REPORT
Your directors are pleased to present the Annual Report together with the
Audited Accounts of your Company for the year ended 31st March, 1995.
Financial Results
The performance of your Company has shown a significant improvement during
the year under review. The overall sales turnover has increased by about
29% whereas the profit before taxation has increased by about 10%
The accounts, for the year under review after meeting expenses and
providing for Rs 45,91,053/- by way of depreciation and amortisation and Rs
47,44,709/- by way of interest, show a profit of Rs 99,45,306/- to which
has been added the brought forward profit of Rs. 70,80,496/- of the
previous year Out of the profit, Rs. 46,64,105/- is proposed to be paid as
dividend for the year under review, Rs. 3,00,000/- has been transferred to
the general reserve and Rs 1,20,61,697/- is the profit being carried
forward.
Dividend
Considering the profit earned by your Company during the year under review,
your Directors are pleased to recommend the payment of dividend @ 10%
(subject to deduction of tax at source) on the paid up capital.
Operations
Your Company has been continually focussing on value added products in
specific market segments for increased profitability and this strategy has
started to pay off.
The machinery division of your Company has done fairly well during the year
and an even brighter future for this division is in store in view of the
fact that the Company is negotiating a number of export contracts which
have reached an advanced stage.
Future Prospects
Your Company has been successful in the past in bagging large export orders
for turnkey projects. These projects under implementation are valued at
over Rs. 6.0 crores and would contribute significantly to the bottom line
when completed. Your Company's target for the current financial year is to
have an export order booking of Rs. 15.00 crores.
Conservation of Energy
Your Company's operations do not entail a high level of energy consumption
and efforts to conserve and optimise the use of energy through improved
operational methods are always being made.
Technology
Your Company has been utilising indigenously developed know-how within the
Company itself and during the period under review, several improvements
were made in the processes utilised to improve the quality of finished
products and to introduce new products.
Foreign Exchange Earnings and Outgo
As reported earlier, your Company is making persistent efforts to generate
foreign exchange earnings through exports. Foreign exchange utilised mainly
for import of spare parts (not available indigenously) amounted to Rs.
1.22 lakhs. The Company on the other hand earned foreign exchange to the
tune of Rs. 128.09 lakhs from exports during the year. The Company utilized
Rs. 57.77 lakhs in foreign currency during the year towards travelling and
other export market promotion expenses.
Employees
Yours Directors are pleased to place on record their sincere appreciation
of the contributions made by the employees at all level and the cooperation
extended by them during the year. The particulars of employees as required
to be furnished in terms of Section 217(2A) of the Companies Act, 1956 read
with Company's (Particulars & Employees, Rule, 1975 are not attracted
during year.
Directors
Mr. B. R. DasGupta retires by rotation and being eligible, offers himself
for re-appointment.
Auditors
M/s. L B Jha & Co., Chartered Accountants retire at the conclusion of the
forthcoming Annual General Meeting and offer themselves for reappointment.
Acknowledgement
Your Directors record their sincere appreciation of the assistance extended
to the Company by the Banks, Financial Institutions and the Governments
bodies. Your directors are also grateful to all shareholders of the Company
for their continued support.
On behalf of the Board
B R Dasgupta
Director
Place : Calcutta
Dated : 20th November, 1995.